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Wednesday, March 18, 2009

IMF pegs India`s FY10 GDP growth at 5.3%

On slowing economy

The International Monetary Fund (IMF) on Tuesday, 17 March 2009 said the Indian economy is slowing fast and the outlook for the next year remains uncertain. The main upside risk was due to larger-than-anticipated impact of the stimulus measures that the authorities have already implemented.

The IMF forecast that India's gross domestic product growth would slow to 6.3% in the 2008-2009 fiscal year, and to 5.3% in 2010. Indian economy has grown at 9% in 2007-2008.

Meanwhile the IMF warned that India's debt as a percentage of GDP was already high, so a big expansion of the deficit could raise concerns about fiscal sustainability. The IMF said that given the budget constraints, the Government will have to fall back on monetary and structural policies to try and lift the economic gloom. But, the IMF is split on whether there is scope for more interest rate reductions in India.

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